SINGAPORE Feb 19 CapitaLand Ltd, Southeast Asia's biggest developer, said on Tuesday it will lead a joint venture to develop a township in Malaysia's Iskandar region that will be worth around S$3.2 billion ($2.58 billion).
The development at Danga Bay will comprise high rise and landed homes together with a central waterfront hub with a marina, shopping mall, restaurants, serviced residences, offices and recreational facilities.
CapitaLand Malaysia will hold 51 percent of the joint venture, with Iskandar Waterfront Sdn Bhd and Singapore state investor Temasek holding 40 percent and 9 percent, respectively.
CapitaLand said the project is its "first direct large scale township investment and development in Malaysia". ($1 = 1.2393 Singapore dollars) (Reporting by Kevin Lim; Editing by Himani Sarkar)